1 answer

Part 1 As the controller of Lynbrook, Inc. you are responsible for preparing the monthly bank...

Question:

Part 1 As the controller of Lynbrook, Inc. you are responsible for preparing the monthly bank reconciliation. Using the infor

Part 1 As the controller of Lynbrook, Inc. you are responsible for preparing the monthly bank reconciliation. Using the information below, prepare the bank reconciliation for January 31, 2020. 1. The ledger account for Cash showed a balance at January 31 of $127,500. 2. The January bank statement showed a closing balance of $108.750. 3. The cash received on January 31 amounted to $28,000. It was left at the bank in the night depository chute after banking hours on January 31 and therefore was not recorded by the bank on the January statement. 4. Also included with the January bank statement was a debit memorandum from the bank for $75 representing service charges for January. 5. A credit memorandum enclosed with the January bank statement indicated that a non-interest- bearing note receivable for $5,000 from Jeff Burkett, left with the bank for collection, had been collected and the proceeds credited to the account of Lynbrook, Inc. Comparison of the paid checks returned by the bank with the entries in the accounting records revealed that check no. 1601 for $519, issued January 15 in payment for office equipment, had been erroneously entered in Lynbrook's records as $915. 7. Examination of the paid checks also revealed that three checks, all issued in January, had not yet been paid by the bank: no. 1611 for $2,000; no. 1625 for $1,250; no. 1630 for $779. 8. Included with the January bank statement was a $100 check drawn by Pat Thomas, a customer of Lynbrook, Inc. This check was marked "NSF." It had been included in the deposit of January 27 but had been charged back against the company's account on January 31. Required: a. Prepare a bank reconciliation for Lynbrook, Inc., at January 31, 2020. b. Prepare journal entries (in general journal form) to adjust the accounts at January 31, 2020. C. State the amount of cash that should be included in the balance sheet at January 31, 2020.

Answers

a.

Lynbrook Inc.
Bank Reconciliation Statement
January 31, 2020
Cash balance per bank $ 108,750 Cash balance per books $ 127,500
Add: Deposit in transit Add:
Deposit in Transit $28,000 Note collected by bank $5,000
28,000 Error in recording check # 1601 396 5,396
136,750 132,896
Less: Less:
Checks outstanding 4,029 Bank service charges 75
NSF check 100
(175)
Adjusted balance per bank $132,721 Adjusted balance per books $132,721

b.

Date Account Titles Debit Credit
$ $
Jan 31, 2020 Bank Charge Expense 75
Cash 75
To record bank service charges
Jan 31, 2020 Cash 5,000
Notes Receivable 5,000
To record note collected by bank
Jan 31, 2020 Cash 396
Office Equipment 396
To rectify error in recording payment for office equipment
Jan 31, 2020 Accounts Receivable 100
Cash 100
To record NSF check from customer.

c. Cash that should have been included in the balance sheet at January 31, 2020 : $ 132,721.

.

Similar Solved Questions

1 answer
29. [C7] Let X1, X2, ..., Xn be a random sample of size n drawn from...
29. [C7] Let X1, X2, ..., Xn be a random sample of size n drawn from a population with a mean of 20 and a standard deviation of 20. Find the sample size n if the standard error of the sample mean equals 4. (a) n= 16 (b) n = 25 (c) n = 100 (d) n = 400...
1 answer
QUESTION 2 The pyruvate dehydrogenase complex O a. leads to the formation of coenzyme A (COA)....
QUESTION 2 The pyruvate dehydrogenase complex O a. leads to the formation of coenzyme A (COA). Ob.catalyzes key reactions in glycolysis. Oc oxidizes NADH to NAD+. d. can be found in the mitochondria of eukaryotic cells....
1 answer
What is the significance of the river in "A Way You'll Never Be" by Ernest Hemingway
What is the significance of the river in "A Way You'll Never Be" by Ernest Hemingway?THANKS!...
1 answer
Caddie Manufacturing has a target debt-equity ratio of 35. Its cost of equity is 12 percent,...
Caddie Manufacturing has a target debt-equity ratio of 35. Its cost of equity is 12 percent, and its pretax cost of debt is 6 percent. If the tax rate is 21 percent, what is the company's WACC? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places...
1 answer
Helpp Problem 5b. - 10 Points total A semiconductor material has an energy gap of 0.75...
helpp Problem 5b. - 10 Points total A semiconductor material has an energy gap of 0.75 eV, effective masses mn= 0.04 mo and mp= 0.22 mo, where mo is the free electron mass = 9.11 x 103 [kg]. Assume complete ionization. a) Let the temperature be T = 350 °K. The material is un-doped. Find the i...
1 answer
Spell out the full name of the compound. Submit Request Answer Part D Spell out the...
Spell out the full name of the compound. Submit Request Answer Part D Spell out the full name of the compound....
1 answer
Its for the COMPLETE ionic equation! thank you Determine the complete ionic equation for the reaction...
its for the COMPLETE ionic equation! thank you Determine the complete ionic equation for the reaction that occurs between the two solutions given. Sr(OH)2(aq) + H3PO4(aq) - ? Reactants Products 6 H2O(1) Ha(OH)2(aq) 2PO4(aq) Sra(PO4)2(s) 6 OH(aq) PO?" (aq) 6 H(aq) H2O(1) 3 Sr"(aq) 3 H(OH)2...
1 answer
Special relativity is famous for "train questions". There are always textbook questions about the length of...
Special relativity is famous for "train questions". There are always textbook questions about the length of trains passing through tunnels and platforms. So, to honor a century-long tradition of learning, we'll do one also. Imagine a train that is 400 meters long in its own inertial refe...
1 answer
SecuriCorp operates a fleet of armored cars that make scheduled pickups and deliveries in the Los...
SecuriCorp operates a fleet of armored cars that make scheduled pickups and deliveries in the Los Angeles area. The company is implementing an activity-based costing system that has four activity cost pools: Travel, Pickup and Delivery, Customer Service, and Other. The activity measures are miles fo...
1 answer
Paul Sabin organized Sabin Electronics 10 years ago to produce and se several electronic devices on...
Paul Sabin organized Sabin Electronics 10 years ago to produce and se several electronic devices on which he had secured patents. Although the company has been fairly profitable. It is now experiencing a severe cash shortage. For this reason, it is requesting a $500.000 long-term loan from Gulfport ...
1 answer
How have you met the course objectives listed in the syllabus? Has the material in the...
How have you met the course objectives listed in the syllabus? Has the material in the course changed your professional practice? How might learning about issues and trends in nursing influence your professional practice...
1 answer
Problems 5.73 The bar AB has a built-in support at A and is loaded by the...
Problems 5.73 The bar AB has a built-in support at A and is loaded by the 5. fix forces (a (b FB = 2i + 6j + 3k (KN), Fc-i-2j + 2k (KN). (a) Draw the free-body diagram of the bar. (b) Determine the reactions at A. Strategy: (a) Draw a diagram of the bar isolated from its supports. Complete the free-...
1 answer
Haze Enterprise provided the following: Sales    7,500,000.00 Inventories - Jan 1    Raw Materials 200,000.00...
Haze Enterprise provided the following: Sales    7,500,000.00 Inventories - Jan 1    Raw Materials 200,000.00    Goods in Process    240,000.00    Finished Goods    360,000.00 Inventories - Dec 31 Raw Materials 280,000.00 Goods in process 1...
1 answer
Epidemiology: Describe how the HIV epidemic differs in the United States and select African countries.
Epidemiology: Describe how the HIV epidemic differs in the United States and select African countries....
1 answer
Chem 202 determining the equilibrium constant solution set 2 need help filling out the last 4...
chem 202 determining the equilibrium constant solution set 2 need help filling out the last 4 columns. more specifically, how do I determine "x" heres a clearer picture, the numbers filled in the other rows have already been confirmed. moll' i molt m SON X blank per f ometric D...
1 answer
IN AN EXCEL FILE USING EXCEL FUNCTIONS CALCULATIONS SHOW FORMULAS IN CELL PLEASE 1) buring the...
IN AN EXCEL FILE USING EXCEL FUNCTIONS CALCULATIONS SHOW FORMULAS IN CELL PLEASE 1) buring the period of time that a local university takes phone-in registrations, calls come in at the rate of one every two minutes a. Clearly state what the random variable in this problem is? b. What is an appropria...
1 answer
Sunland Inc., a publicly accountable enterprise that reports in accordance with IFRS, issued convertible bonds for...
Sunland Inc., a publicly accountable enterprise that reports in accordance with IFRS, issued convertible bonds for the first time on January 1, 2020. The $1 million of six-year, 10% (payable annually on December 31, starting December 31, 2020), convertible bonds were issued at 107. The bonds would h...